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BRIEF-FCA to look into treatment of long-standing life insurance customers
March 28, 2014 / 2:50 PM / 4 years ago

BRIEF-FCA to look into treatment of long-standing life insurance customers

March 28 (Reuters) - Fca

* Fca statement on fair treatment of long standing customers in life insurance

* We will be looking at how people in closed accounts are being treated.

* work on fair treatment of long standing customers in life insurance is a supervisory piece of work. We enter into this work to gain a better understanding of how this area functions.

* Not planning to individually review 30million policies, nor do we intend to look at removing exit fees from those policies providing they were compliant at time

* Will be reviewing a representative sample of firms who we expect to look at whether they are treating their customers fairly.

* Want to examine areas that are of interest and relevance to consumers and to firms and assess whether there is an issue that requires any action. No conclusions have been reached as work has not started.

* work will commence in summer and we will be speaking to firms about how we can undertake that review.

* No conclusions have been reached as work has not started.

* We are not looking at applying current standards retrospectively - for example on exit charges Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
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